Ann: Trading Update, page-83

I have to agree

In 1H they had ~40m in sales at a gross margin of ~47% and an EBITDA margin of ~5% so a similar level of sales (to take it to 80m for FY22) at a marginally better EBITDA of ~6-8% is not really the strong growth that most expected.

With sales of 85-90m they might hit a PAT of ~3m which still values this at 20 times EPS so they would have to really deliver on both sales and a decent signup of cloud connected devices (with resulting recurring high margin income) to make people look at this again.

Great hardware only goes so far.....it needs to deliver on the bottom line for investors to pay attention